Except, the same problem as Cyprus cropped up in Portugal: the local courts said the compensation and benefits cuts in the austerity package are illegal.

So, the next rinky-dink plan is:

A person close to the government said it had mulled the idea of paying public employees and pensioners one month of their income in treasury bills, forcing them, in effect, to lend the treasury the money the court said it couldn't cut from their paychecks.

In the old days this was known as paying in scrip. It was part of what led to the huge union showdowns of a century ago: paying the workers in paper “money” that could only be spent at the company store.